A new fintech business which I was presented to earlier this year. Currensea Travel Card Uk Helpline…
It has won a couple of awards over current months for what it does (providing you a low-priced way to spend abroad) but what I like about is that it is easy as hell. This is an advantage.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You just invest as you would on a typical debit card and the money is taken from your current account– just without the normal 3% cost.
Oh, and is totally free to apply for, which likewise assists.
There are also some fascinating travel advantages if you select a paid strategy, but the free strategy works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and free of charge or less expensive than the competitors
add increasingly more functions which your existing clients don’t truly require or desire
include charges, costs or restrictions to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will ideally remain there. Curve, Revolut and Monzo are currently in Phase 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Travel Card Uk Helpline
It is a complimentary direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
You don’t (yet …) make any airline miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% forex costs, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Credit cards which offer benefits and charge 0% FX charges are few and far in between. The only ‘miles and points’ choices which use a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX charges and do not want to impact your credit report by getting another credit card particularly to use abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals monthly with no fees and only a very little FX mark-up (there is a small fee beyond , 500).
you want a product for you, your adult kids, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I stated previously, an extremely simple procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your bank account bank immediately validates that you have enough money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% cost if you have the complimentary card. There are no fees if you have among their paid cards.
You get an automated invest notice by means of the app, if you select to install it.
The money is taken from your bank account a few days later on.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 arranged to leave my HSBC account a few days later:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to happen (frequently in a various language) while not telling you about the expensive currency conversion fees occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
In recent years a handful of terrific travel debit cards have actually popped onto the scene … and like other great cards Currensea promises big savings (85%) and an excellent app.
I think the finest bit may be what no other card does: connects to your existing high street bank account.
What this implies is you can invest money you have in your existing bank account with less stress over running out of money and the additional action. But that does not suggest it is perfect.
In this Currensea review is the great, the bad, the ugly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per deal, allowing us to make earnings from our Vital Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary quantity on all our plans, complete information can be discovered on our pricing strategies.
We charge a yearly membership fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership charge likewise removes all FX markup on transactions.
Whenever you invest with your card we get a little % of the transaction, referred to as interchange, this comes directly from the merchant and won’t be charged to you. Currensea Travel Card Uk Helpline